What are the fees associated with auction houses?
An example of an AI chatbot conversation about auction house fees and costs.
What fees should I expect when using an auction house?
Auction houses typically charge a seller's fee, a buyer's premium, and sometimes additional costs for marketing or shipping.
Can you break down the seller's fee for me?
Sure! The seller's fee is usually a percentage of the final sale price, often ranging from 5% to 25%, depending on the auction house.
What about the buyer's premium? How does that work?
The buyer's premium is an additional fee added to the hammer price, usually between 10% to 20%, which the buyer pays on top of the winning bid.
Are there any hidden fees I should be aware of?
Yes, some auction houses may charge for cataloging, photography, or storage, so it's important to read the terms carefully.
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